MONETARY HISTORY CALENDAR May 8 – 14

 

Greenbackk

MAY 8

1884 – BIRTH OF HARRY TRUMAN, 33RD PRESIDENT OF THE U.S.
‘”There is nothing new in the world except the history you do not know.”
[NOTE: Why the monetary arena (problems and possible democratic reforms) seems new is because we never learned its history – in school, through the media, even in our activist organizations. Many activists still don’t – believing it too complicated, unrelated to other economic concerns or associated with political ideologies unlike their own. Social change activists, thus, ignore this arena at their peril.]

MAY 9

2014 – “WHO SHOULD HAVE THE POWER TO CREATE MONEY?” ARTICLE BY ANDREW JACKSON OF POSITIVE MONEY
“Who should have the power to create money? In Modernising Money we argue that the power to create money should be removed from the banks and transferred to a democratic, transparent, and accountable body. Martin Wolf recently backed these proposals, but Ann Pettifor describes them as ‘deeply flawed’ and ‘outlandish’.
One of Ann’s main concerns is whether a committee can correctly make decisions over how much money should be added to (or removed from) the economy.
Let’s approach this by considering the different options for who could be given the power and authority to create money:
• Banks – as per the status quo
• Banks – heavily reformed (as Ann would suggest)
• Elected politicians
• The Monetary Policy Committee at the Bank of England (as proposed in Modernising Money)”
Full article at http://www.positivemoney.org/2014/05/power-create-money

MAY 10

1729 – PENNSYLVANIA PASSES A PAPER CURRENCY ACT
Pennsylvania was one of the first colonies to issue their own paper money to facilitate exchange to offset the lack of British pounds in circulation. By 1755, all 13 colonies had issued some form of colonial currency.
On colonial issued currency, Benjamin Franklin said,
“This effect of paper currency is not understood in England. And indeed the whole is a mystery to the politicians how we have been able to continue a war for four years without money and how we could pay with paper that had no previously fixed fund appropriated specifically to redeem it.  This currency…is a wonderful machine.  It performs its office when we issue it and when we are obliged to issue a quantity excessive, it pays itself off by depreciation.”

1775 – CONTINENTAL CONGRESS ISSUES “CONTINENTALS”
The Continental Congress voted to issue $200 million in paper money, “continental currency” or “continentals”, to finance the American Revolution. The money was essential since British pounds were in short supply. The currency lost much of their value during the war due to the flooding of British counterfeit “continentals” as a means to destroy the colonial economy. Inflation was also due to continentals being used to fund war purchases rather than socially and economically useful goods and services. Nevertheless, the colonial currency served its purpose in allowing the colonies to economically and militarily resist and defeat the most powerful nation on earth.

1915 – BIRTH OF ROBERT HEMPHILL, CREDIT MANAGER, FEDERAL RESERVE BANK OF ATLANTA
“If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.”

MAY 11

2007 – PUBLISHED ARTICLE, “MONETARY REFORM AND HOW A NATIONAL MONEY SYSTEM SHOULD WORK” BY RICARD COOK
“[T]he solution lies with the federal government taking back its constitutionally-authorized control of the credit of the nation from the financiers and managing it as previously stated—as a public utility…      It is essential to realize that the central government of a sovereign nation has the right, the ability, and the responsibility to introduce ALL new credit into existence. This is totally different from having the central bank “print money” by relaxing lending policies, resulting in an infusion of cheap loans, which must still be repaid.
Sovereign creation of credit is not based on debt. It is and should be based on direct spending of money into circulation by the government itself. Obviously the government should do this in a way that promotes the best interests of the members of society while respecting the varying degrees of contribution by those of different levels of skill and achievement. It is quite possible to enact such a program with due regard to all established conventions of private property and the private ownership and control of existing wealth.”

MAY 12

1948 – FORMATION OF THE STATE OF ISRAEL IS PROCLAIMED
Solomon, the son of David, was an early King of Israel from 970-931 BC. He was also the author of the Book of Proverbs in the Bible. From Proverbs 22:74: “The borrower is servant to the lender.”

What was true nearly 3000 years ago is still true today. If we borrow from a lender (i.e. a bank), we are servants to that bank – be it an individual, state or nation. Nations that receive IMF or World Bank know this. “First World” nations are beholden to their private central banks.

2009 – BLOOMBERG ARTICLE: NY FEDERAL RESERVE BANK CLAIMS IT IS A PRIVATE INSTITUTION
“The New York Fed is one of 12 regional Federal Reserve banks and the one charged with monitoring capital markets. It is also managing $1.7 trillion of emergency lending programs. While the Fed’s Washington-based Board of Governors is a federal agency subject to the Freedom of Information Act and other government rules, the New York Fed and other regional banks maintain they are separate institutions, owned by their member banks, and not subject to federal restrictions.”

MAY 13

2015 – THE CENTRAL PROBLEM WITH CENTAL BANKS: THEY BECOME THE GREATER FOOLS/BAG-HOLDERS” ARTICLE BY CHARLES HUGH SMITH
The central problem with central banks is their mandate now includes propping up all asset markets globally….Central banks have inflated the markets to such high valuations that no central bank can possibly buy enough to keep the bubble intact…But having succeeded in blowing another unprecedented global bubble in assets, central banks have backed themselves into a corner of direct asset purchases to prop up markets.    http://www.oftwominds.com/blogmay15/no-bid5-15.html

MAY 14

2013 – ARTICLE, MONEY HAS BEEN PRIVATIZED BY STEALTH” BY BEN DYSON
“It’s common knowledge that printing your own £10 notes at home is frowned upon by Her Majesty’s police. Yet there’s a small collection of companies that are authorized to create – and spend – more new money than the counterfeiters have ever been able to print. In industry jargon, these companies are called “monetary and financial institutions”, but you probably know them by their street name: “banks”.
The money that they create, effectively out of nothing, isn’t the paper money that bears the logo of the government-owned Bank of England. It’s the electronic money that flashes up on the screen when you check your balance at an ATM. This electronic money currently represents over 97% of all the money in the economy. Only 3% of money is still in that old-fashioned form of real cash that can be touched.”

———————–

Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetarycalendar@yahoo.com

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